- EUR / USD Forecast suggests the transition to sentimental after data falls in the Eurozone PMI.
- Composite PMI Eurozone PMI fell from 50.9 to 50.1, indicating poorer business activities.
- The dollar rose after Trump convinced the markets that he had no intention of shooting Powell.
EUR / USD Forecast suggests bad feelings after discounting data on business activities in the eurozone. At the same time, the dollar recovered after Trump fell attacks on the Fed Powell chair. Participants in the market are now waiting for us to figure PMI.
– Are you interested in learning about forex indicators? Click here for detail-
Composite PMI Eurozone PMI fell from 50.9 to 50.1, indicating poorer business activities. Meanwhile, economists expected a smaller decline at 50.3. Business activity in the production sector improved slightly. However, the service sector activity has declined. So far, the eurozone has avoided 20% of the reciprocal tariffs on exports to the United States. However, policy makers believe that Trump Tariffs will harm the economy. Still, it may not be as bad as in the US.
Meanwhile, the dollar had stable after relief on Rally on the previous session. Greenback rose after Trump reassured the markets if he had no intention of shooting Powell. His attacks on the chair with fed presidents collected concern about the independence of the Central Bank. Trump believes that Powell needs to react quickly to a recent slowdown in economic slowdown by reducing interest rates. However, the Fed chair believes that it is too early to judge the influence of recent trade policy changes.
The market participants will look at the upcoming report of the United States to see the state of business activity in the economy. The bad report can add pressure to FED to lower borrowing costs.
EUR / USD Key events Today
- US FLASH MANUFACTURING PMI
- US Flash Services PMI
EUR / USD Technical forecast: Deep signal pulling stronger Bear Moment
On the technical side, EUR / USD price has violated below the main support level, suggesting stronger bear torment. After meeting the level of resilience at 1,1550, the bears appeared and pushed the price below the solid support. After that, the price was broken under 30th, which showed bears are ready to take responsibility. At the same time, the RSI died below 50 in the bear territory.
–Are you interested in learning more about the Review of the British Trade Platform? See our detailed guide-
However, bears must break below the support level of 1,1302 to make a lower low and confirm a new trend. Such a move would allow EUR / USD to reach 1,1002 key levels. However, if the 1,1302 support holds the company, the bulls can be returned to reset the reception of 1,1550.
Looking for forex trading now? Invest in Ethorro!
75% of accounts in retail loses money when trading CFDs with this provider. You should consider whether you can afford to take a high risk of losing money.
